Did the stock market run up too much for Robert Rodriguez? Probably. He did not buy any stocks during the third quarter, not even a share. He sold a bunch.
This is the first portfolio we update for the third quarter guru buys and sells. Why Robert Rodriguez’s selling can be a warning sign? To his credit, back in 2005 Mr. Rodriguez already wrote in his shareholder letters about his worries about subprime loans. He unloaded all the financial stocks in his portfolio and invested heavily in oil. In Nov. of 2007, right before the market crash, he put a buy freeze on his fund, and did not buy any stocks until Sept. 2009. He bought heavily in the fourth quarter of 2008 and the first quarter of 2009. A little too early in hind sight, but many of these purchases have doubled.
Now he is selling!
Robert Rodriguez sells CNX Gas Corp., St. Mary Land & Exploration Company, Cimarex Energy Co., Western Digital Corp., Newfield Exploration Company and Champion Enterprises Inc. during the 3-months ended 09/30/2009, according to the most recent filings of his investment company, FPA Capital. Robert Rodriguez owns 24 stocks with a total value of $824 million. These are the details of the buys and sells.
For the details of Robert Rodriguez's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Robert+Rodriguez
These are the top 5 holdings of Robert Rodriguez
CNX Gas Corporation is an independent natural gas exploration development and production company operating in the Appalachian Basin of the United States. It has a market cap of $4.42 billion; its shares were traded at around $32.92 with a P/E ratio of 20.35 and P/S ratio of 5.6.
ST. MARY LAND & EXPLORATION is an independent oil and gas company with diversified interests in the United States and internationally a development project in Russia and exploration projects in Canada Chile the Philippines and Trinidad and Tobago. St. Mary Land & Exploration Company has a market cap of $1.91 billion; its shares were traded at around $34.69 with a P/E ratio of 16.46 and P/S ratio of 1.47. The dividend yield of St. Mary Land & Exploration Company stocks is 0.33%. St. Mary Land & Exploration Company had an annual average earning growth of 29.3% over the past 10 years. GuruFocus rated St. Mary Land & Exploration Company the business predictability rank of 3.5-star.
Cimarex Energy is an independent oil and gas exploration and production company focused on increasing shareholder value through strategies linked to generating attractive economic returns on capital employed and profitable growth in per-share reserves production and cash flow. They intend to profitably grow reserves and production through a balanced mix of exploration exploitation and acquisitions. They have a diversified base of high-quality production along with attractive drilling opportunities. Cimarex Energy Co. has a market cap of $3.43 billion; its shares were traded at around $44.85 with a P/E ratio of 13.43 and P/S ratio of 1.74. The dividend yield of Cimarex Energy Co. stocks is 0.58%. Cimarex Energy Co. had an annual average earning growth of 18.6% over the past 5 years.
Western Digital Corp. designs develops manufactures and markets a broad line of hard drives featuring leading-edge technology. The company's hard drives are designed for the desktop PC market and the high-end hard drive market and recently for the emerging market for hard drives specially designed for audio-visual applications such as new video recording devices. The company sells its products worldwide to computer manufacturers for inclusion in their computer systems or subsystems and to distributors resellers and retailers. Western Digital Corp. has a market cap of $7.96 billion; its shares were traded at around $37.23 with a P/E ratio of 13.91 and P/S ratio of 1.07. Western Digital Corp. had an annual average earning growth of 55.8% over the past 5 years.
Newfield Exploration Company explores develops and acquires oil and natural gas properties primarily in the Gulf of Mexico. The company plans to continue to expand its reserve base and increase cash flow through the exploration and development of existing properties and the acquisition of proved properties with drilling upside. The company emphasizes: reserve growth through exploratory drilling balance between exploration and the acquisition and exploitation of proved properties strong geographic focus control of operations/low cost structure and use of 3-D seismic. Newfield Exploration Company has a market cap of $5.51 billion; its shares were traded at around $45.66 with a P/E ratio of 12.4 and P/S ratio of 2.48. Newfield Exploration Company had an annual average earning growth of 19.1% over the past 10 years. GuruFocus rated Newfield Exploration Company the business predictability rank of 4-star.
CHAMPION ENTERPRISES INC. is a leading producer of manufactured housing and mid-size commercial vehicles. Co.'s manufactured housing operations and markets are located throughout the U.S. and in western Canada. Co.'s commercial vehicles are marketed throughout the U.S. and Canada. Champion Enterprises Inc. has a market cap of $33.45 million; its shares were traded at around $0.4398 with and P/S ratio of 0.03.
This is the first portfolio we update for the third quarter guru buys and sells. Why Robert Rodriguez’s selling can be a warning sign? To his credit, back in 2005 Mr. Rodriguez already wrote in his shareholder letters about his worries about subprime loans. He unloaded all the financial stocks in his portfolio and invested heavily in oil. In Nov. of 2007, right before the market crash, he put a buy freeze on his fund, and did not buy any stocks until Sept. 2009. He bought heavily in the fourth quarter of 2008 and the first quarter of 2009. A little too early in hind sight, but many of these purchases have doubled.
Now he is selling!
Robert Rodriguez sells CNX Gas Corp., St. Mary Land & Exploration Company, Cimarex Energy Co., Western Digital Corp., Newfield Exploration Company and Champion Enterprises Inc. during the 3-months ended 09/30/2009, according to the most recent filings of his investment company, FPA Capital. Robert Rodriguez owns 24 stocks with a total value of $824 million. These are the details of the buys and sells.
For the details of Robert Rodriguez's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Robert+Rodriguez
These are the top 5 holdings of Robert Rodriguez
- ENSCO International Inc. (ESV) - 1,870,600 shares, 9.66% of the total portfolio
- Avnet Inc. (AVT) - 2,995,000 shares, 9.45% of the total portfolio
- Rosetta Resources Inc. (ROSE) - 4,531,500 shares, 8.08% of the total portfolio
- Arrow Electronics Inc. (ARW) - 2,301,800 shares, 7.87% of the total portfolio
- Rowan Companies Inc. (RDC) - 2,721,000 shares, 7.62% of the total portfolio
Reduced: CNX Gas Corp. (CXG, Financial)
Robert Rodriguez reduced to his holdings in Cnx Gas Corp. by 41.11%. His sale prices were between $24.19 and $32.15, with an estimated average price of $28.76. The impact to his portfolio due to this sale was -0.25%. Robert Rodriguez still held 166,200 shares as of 09/30/2009.CNX Gas Corporation is an independent natural gas exploration development and production company operating in the Appalachian Basin of the United States. It has a market cap of $4.42 billion; its shares were traded at around $32.92 with a P/E ratio of 20.35 and P/S ratio of 5.6.
Reduced: St. Mary Land & Exploration Company (SM, Financial)
Robert Rodriguez reduced to his holdings in St. Mary Land & Exploration Company by 30.56%. His sale prices were between $17.7 and $32.76, with an estimated average price of $26.06. The impact to his portfolio due to this sale was -0.61%. Robert Rodriguez still held 511,100 shares as of 09/30/2009.ST. MARY LAND & EXPLORATION is an independent oil and gas company with diversified interests in the United States and internationally a development project in Russia and exploration projects in Canada Chile the Philippines and Trinidad and Tobago. St. Mary Land & Exploration Company has a market cap of $1.91 billion; its shares were traded at around $34.69 with a P/E ratio of 16.46 and P/S ratio of 1.47. The dividend yield of St. Mary Land & Exploration Company stocks is 0.33%. St. Mary Land & Exploration Company had an annual average earning growth of 29.3% over the past 10 years. GuruFocus rated St. Mary Land & Exploration Company the business predictability rank of 3.5-star.
Reduced: Cimarex Energy Co. (XEC, Financial)
Robert Rodriguez reduced to his holdings in Cimarex Energy Co. by 36.01%. His sale prices were between $25.69 and $42.94, with an estimated average price of $36.64. The impact to his portfolio due to this sale was -0.65%. Robert Rodriguez still held 344,400 shares as of 09/30/2009.Cimarex Energy is an independent oil and gas exploration and production company focused on increasing shareholder value through strategies linked to generating attractive economic returns on capital employed and profitable growth in per-share reserves production and cash flow. They intend to profitably grow reserves and production through a balanced mix of exploration exploitation and acquisitions. They have a diversified base of high-quality production along with attractive drilling opportunities. Cimarex Energy Co. has a market cap of $3.43 billion; its shares were traded at around $44.85 with a P/E ratio of 13.43 and P/S ratio of 1.74. The dividend yield of Cimarex Energy Co. stocks is 0.58%. Cimarex Energy Co. had an annual average earning growth of 18.6% over the past 5 years.
Reduced: Western Digital Corp. (WDC, Financial)
Robert Rodriguez reduced to his holdings in Western Digital Corp. by 27.34%. His sale prices were between $24.99 and $36.95, with an estimated average price of $31.82. The impact to his portfolio due to this sale was -0.87%. Robert Rodriguez still held 719,800 shares as of 09/30/2009.Western Digital Corp. designs develops manufactures and markets a broad line of hard drives featuring leading-edge technology. The company's hard drives are designed for the desktop PC market and the high-end hard drive market and recently for the emerging market for hard drives specially designed for audio-visual applications such as new video recording devices. The company sells its products worldwide to computer manufacturers for inclusion in their computer systems or subsystems and to distributors resellers and retailers. Western Digital Corp. has a market cap of $7.96 billion; its shares were traded at around $37.23 with a P/E ratio of 13.91 and P/S ratio of 1.07. Western Digital Corp. had an annual average earning growth of 55.8% over the past 5 years.
Reduced: Newfield Exploration Company (NFX, Financial)
Robert Rodriguez reduced to his holdings in Newfield Exploration Company by 36.73%. His sale prices were between $29.13 and $44.81, with an estimated average price of $38.59. The impact to his portfolio due to this sale was -1.52%. Robert Rodriguez still held 803,500 shares as of 09/30/2009.Newfield Exploration Company explores develops and acquires oil and natural gas properties primarily in the Gulf of Mexico. The company plans to continue to expand its reserve base and increase cash flow through the exploration and development of existing properties and the acquisition of proved properties with drilling upside. The company emphasizes: reserve growth through exploratory drilling balance between exploration and the acquisition and exploitation of proved properties strong geographic focus control of operations/low cost structure and use of 3-D seismic. Newfield Exploration Company has a market cap of $5.51 billion; its shares were traded at around $45.66 with a P/E ratio of 12.4 and P/S ratio of 2.48. Newfield Exploration Company had an annual average earning growth of 19.1% over the past 10 years. GuruFocus rated Newfield Exploration Company the business predictability rank of 4-star.
Sold Out: Champion Enterprises Inc. (CHB, Financial)
Robert Rodriguez sold out his holdings in Champion Enterprises Inc.. His sale prices were between $0.29 and $0.65, with an estimated average price of $0.45.CHAMPION ENTERPRISES INC. is a leading producer of manufactured housing and mid-size commercial vehicles. Co.'s manufactured housing operations and markets are located throughout the U.S. and in western Canada. Co.'s commercial vehicles are marketed throughout the U.S. and Canada. Champion Enterprises Inc. has a market cap of $33.45 million; its shares were traded at around $0.4398 with and P/S ratio of 0.03.
